At the heart of every business is a product. If you have a product, you can begin to build a business.
I have a strange definition of product.
I define a product as a consistent way of achieving a desired outcome that your customer wants.
When I look at a Rolex, I don’t see the product as being a watch. I see the product as “a conspicuous device that communicates status and high achievement.”
A person who buys a Rolex does not want to buy a device that tells the time. They could buy a $20 Casio that does a better job of telling the time. The desired outcome the customer wants to achieve has more to do with what a Rolex says about the wearer.
If the management at Rolex thought they were ...